Question

What was the mass production? Explain its impact on the world economy of earlier 20th century?

Answer 1

Production of goods on large scale with the help of machines is known as mass production.
The mass production impacted the world economy of earlier 20th century in the following ways.
(i) Mass production lowered the costs and prices of engineered goods. Because US and many European countries were following the rule of giving higher or double wages to their labourers to do monotonous tasks in their factories. Due to this, even workers could afford to purchase consumer goods such as cars,
(ii) The demand for refrigerators, washing machine etc was also increased with the increase in demand for house construction and ownership. As this easily financed by loans.